Redevelopment site in East Coast Ave sells for $46m

A 45,249 sq ft freehold landed housing redevelopment site in East Coast Avenue has been sold for $46.38 million.

The buyer of the large freehold site is property developer Pinnacle Assets. Its director, Mr Leow Tang Lie, has been involved in projects such as the Centra Loft condo in Geylang and, more recently, Adana@Thomson in Old Upper Thomson Road.

He is believed to have developed an adjacent property in East Coast Avenue as well.

It was an estate sale, with Knight Frank as exclusive marketing agent.

The price works out to about $1,025 per sq ft (psf) of land. Given the distance the property needs to be set back for the road, it is effectively about $1,200 psf.

While the transacted price is below the indicative price tag of $52 million, it is understood to be well above valuation. The property was said to have received numerous bids from developers and funds since it was put on the market in August.

It is within a three-storey mixed landed area and near the proposed Marine Terrace and Siglap MRT stations along the upcoming Thomson-East Coast Line.

The property is also a few minutes' drive from Parkway Parade Shopping Centre, 112 Katong and East Coast Park.

Schools in the area include Victoria School, Victoria Junior College, St Patrick's School, Global Indian International School and CHIJ Katong Convent.

Knight Frank had noted previously that it could be the largest plot of freehold land in District 15 - zoned three-storey mixed landed - put up for sale in the past 20 years.

Rennie Whang

A version of this article appeared in the print edition of The Straits Times on October 24, 2015, with the headline 'Redevelopment site in East Coast Ave sells for $46m'. Print Edition | Subscribe